Egypt’s foreign reserves increased during October on a monthly basis by $214 million, to record $33.4 billion, according to the Central Bank of Egypt (CBE).
The CBE announced in early October that the net foreign reserves increased by $56 million or 0.16 percent during September. The net foreign currency reserves reached $33.197 billion by the end of September 2022, compared to $33.141 billion recorded in August 2022.
Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.
The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.
Egypt’s foreign exchange reserves jumped from $31.3 billion during the 2016-2017 fiscal year to about $44.3 billion during the 2017-2018 fiscal year, then continued to rise during the 2018-2019 fiscal year to reach $44.5 billion, before it retreated in light of the coronavirus crisis and its repercussions.
Source: Egypt Today Magazine